Artificial Intelligence Technology Solutions Files 1st Quarter Financials and Recent Operational Highlights

Rhea-AI Summary

Artificial Intelligence Technology Solutions (OTCPK:AITX) filed its quarterly report for Q1 FY2022, showcasing a significant revenue increase of 785% compared to the same period last year. Revenues for this quarter surpassed the total from the previous fiscal year by 55%. AITX expanded its sales funnel with new hires and began production in a new manufacturing facility in Ferndale, Michigan, enhancing its capacity to meet rising demand. The company anticipates higher revenues for FY2022 based on this growth momentum.

Positive

• Revenue increased by 785% year-over-year.
• Quarterly revenues were 55% higher than the total for the previous fiscal year.
• Major corporations purchased RAD solutions outright, indicating strong market demand.
• New manufacturing facility enhances production capacity, allowing for hundreds of units monthly.

Negative

• None.

Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients, filed its quarterly report on Form 10-Q with the Securities and Exchange Commission for the period ended May 31, 2021. AITX is a ‘full SEC reporting’ company that files detailed annual and quarterly reports as prepared by a PBAOC and reviewed by an authorized auditor.

AITX's RAD Excellence Center (REX) with ROSA180, Wally and other devices ready for final assembly and testing. (Photo: Business Wire)

“The first quarter of our fiscal year was a pivotal growth period for the company,” said Steve Reinharz, President and CEO of AITX. “Significant progress was made across all segments of the business. We continue to execute on our strategic priorities, putting the company and its subsidiaries in a very strong position.”

Key takeaways from the 10-Q filing

Sales Growth
The Company reports that for the quarter ended May 31, AITX’s first quarter of fiscal year 2022, revenues increased 785% over the same period of the prior year. This fiscal quarter’s revenues were 55% greater than the entire prior fiscal year.

Of particular significance is that RAD solutions were purchased – as opposed to being on a long term subscription – by two of the world’s largest corporations, one of which has been using, and re-ordering, RAD devices over the past two years.

Sales Funnel Growth
The Company reports that its sales funnel continues its rapid expansion as the four sales people added during the first quarter have completed training and are starting to produce meaningful results. Additional sales order announcements and details are expected when applicable. The company anticipates that fiscal year 2022 (ending February 28, 2022) revenue will be significantly greater than fiscal year 2021 revenue.

Expanded Manufacturing Capacity Now Online
At the end of the quarter ending May 31, 2021, the Company began production in its new manufacturing facility in Ferndale, Michigan. The Company now has the resources and infrastructure in place to realize its growth plans and fulfill the increasing customer demand. This production space combined with experienced production staff and the advanced designs forthcoming with RAD 3.0 give the Company the ability to deliver hundreds of stationary units per month, as well as the capacity to produce up to 30 ROAMEO units per month.

“Fiscal year 2022 is off to a phenomenal start,” Reinharz added. “The first quarter results demonstrate our ability to innovate and deliver remarkable solutions for our demanding clients. With the momentum that we’re presently experiencing and the new solutions that we have on the horizon, I expect that this will end up being an incredible year,” Reinharz concluded.

The Company recommends that interested parties examine the published 10-Q to review all details, and that this release is limited to the applicable highlights of the quarter.

Follow Steve Reinharz on Twitter @SteveReinharz for future AITX and RAD updates.

AITX through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide a cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers this tremendous costs savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.

About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD and RAD-M companies help organizations streamline operations, increase ROI and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staffs and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education and healthcare. To learn more, visit www.aitx.ai and www.roboticassistancedevices.com, or follow Steve Reinharz on Twitter @SteveReinharz.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210714005313/en/

FAQ

What were AITX's revenue results in the Q1 FY2022 report?

AITX reported a 785% increase in revenue compared to Q1 FY2021.

How does AITX's Q1 FY2022 revenue compare to the previous fiscal year?

The revenue for Q1 FY2022 was 55% greater than the total revenue for FY2021.

What significant actions did AITX take in Q1 FY2022?

AITX expanded its sales force and began production in a new manufacturing facility.

What does AITX expect for the remainder of FY2022?

AITX anticipates significantly higher revenues for the remainder of FY2022.